IBM buying data storage company Netezza for about $1.7 billion

IBM buying Netezza for about $1.7 billion

ARMONK, N.Y. — IBM says it has agreed to buy data storage company Netezza for about $1.7 billion in cash.

IBM Corp. says it is offering $27 per share for Netezza Corp. That’s a 10 percent premium over the company’s last closing share price of $24.60.

Netezza helps sort through data housed on corporate servers to help companies make decisions about their businesses.

The company, which is based in Marlborough, Mass., lists Neiman Marcus, Time Warner and Virgin Media among its customers.